Michelle Pepper's Blog Keller Williams Arizona Living Realty

Obama Signs Homebuyer Tax Credit Expansion Into Law

michellepepper — Thu, 12 Nov 2009 22:35:40 +0000

President Obama signed legislation to extend and expand the $8,000 first-time homebuyer tax credit that had been set to expire at the end of the month. These tax credit changes are included in the Worker, Homeownership and Business Assistance Act of 2009, which also extends unemployment benefits to people who have been jobless for more than one year.

The new legislation extends the deadline for the first-time homebuyer tax credit to include home purchase contracts entered into by April 30, 2010 and closed by June 30, 2010. The tax credit was also expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence — if they have lived in their current residence for at least five consecutive years of the past eight years.

Homebuyers looking to take advantage of either tax credit are subject to income eligibility limits of $125,000 for individuals and $225,000 for married couples, up from the limits of $75,000 and $150,000 included in the previous law. The home purchased must cost less than $800,000 to qualify the homebuyer for the tax credit. And to help guard against fraud, buyers are required to attach documentation of the home purchase to their tax return.

After signing the bill into law this morning, President Obama said “the rebound in the housing market was one of the big factors that contributed to the growth of the economy last quarter, and brought hundreds of thousands of families into the housing market. We want to give even more families the chance to own their own home.”

NAR economists estimate that the current tax credit has contributed approximately $22 billion to the general economy, and that approximately 2 million people will take advantage of the tax credit this year.

“The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market,” says NAR President Charles McMillan. “This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership.”

Tax Credit Resources from NAR:

Details on Homebuyer Tax Credit Changes

Frequently Asked Questions on the Expanded Homebuyer Tax Credit
Fri, Nov 6, 2009

ARIZONA STATE PARKS OFF HIGHWAY LAWS & PLACES TO RIDE

michellepepper — Mon, 05 Oct 2009 18:21:22 +0000

The Arizona State Parks have created a brochure to explain the do’s and don’t's on riding off highway. They have created a new decal for you to purchase in order for you to drive your vehicle off road. The funds collected go to maps, safety training, trailheads and trail maintenance. They explain everythig on this color brochure. Paste this link into your browser: http://www.azstateparks.com/OHV/downloads/OHV_2009_Brochure.pdf

TAX CREDIT TIME IS RUNING OUT

michellepepper — Fri, 02 Oct 2009 16:10:08 +0000

Your uncle’s trying to encourage people to buy a home and if they’ll take his advice, he’ll give them $8,000 in the form of a tax credit on next year’s tax return.
You know about the tax credit and maybe some of your buyers know but they may not understand just how big of a deal it really is.
• $8,000 is more than the down payment on a $225,000 home
• $8,000 could buy a lot of furniture and redecorating for a home
• $8,000 could be used to pay the buyer’s closing costs and buy down the interest rate to even lower than current rates
The First-time Home Buyer’s Tax Credit is scheduled to expire on December 1, 2009 which means that the buyer must be closed by November 30, 2009. Since it takes four to six weeks lead time to get a mortgage approved and closed, the buyers need to be under contract by about October 15, 2009. TIME IS RUNNING OUT.

Article From PAT ZABYS NEWS LETER

FAST FACT FROM NATIONAL ASSN. OF REALTORS

michellepepper — Tue, 29 Sep 2009 18:03:11 +0000

Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.

Southside Laundromat Internet Special: Comforters Fluff N’ Fold $10 each any size

michellepepper — Sat, 19 Sep 2009 07:39:40 +0000

: Southside Laundromat

2837 Maricopa Ave., LHC 928-453-4164

Coin-Op and Fluff N’ Fold Drop-Off Service, Maytag Equipment & Soft Water, Comfortable Lounge Areas with Sattelite TV, RV Parking Open Daily 8 a.m. – 8 p.m. 7 Days – Closed Holidays

HOW LONG DOES A FORECLOSURE STAY ON A CREDIT REPORT

michellepepper — Sat, 19 Sep 2009 06:22:19 +0000

I was reading Mortgage Market Weekly and I came across this question: How long does a foreclosure stay on a credit report? Here is their answer:
Answer: With regard to an individual’s credit, a foreclosure is deemed a very serious delinquency, and one that will stay on your credit report for up to seven years (typically from the date of the banks filing).
I will hit your credit scores hard, likely dropping them 150 points or more.
Keep in mind, however, as time goes by and you keep your other credit good, your credit score will inch up; keeping good (timely) credit after a foreclosure is the most important thing to keep in mind in recovering your credit scores.
Having a foreclosure recorded on your credit report does not necessarily mean that you cannot obtain mortgage or other financing for seven years, but it does mean creditors will be able to see the red flag and punish you accordingly (typically via higher interest rates and additional down payments).
Also, keep in mind that even if you meet the bank or lender’s requirements for past foreclosures, an underwriter could still determine that you are too risky for a subsequent mortgage or other credit if you have other late payments after a foreclosure.
Please take note that if you are facing or considering foreclosure, that the longer you put off foreclosure, the longer the recovery period; I am not saying ‘give in’, just keep it in mind.
Like any other derogatory credit account, it is possible to get a foreclosure removed from your credit report, though you will likely need a very compelling reason and a whole lot of time to do it.

Deadline for $8000 Tax Credit Rapidly Approaching

michellepepper — Thu, 17 Sep 2009 22:47:41 +0000

That’s it, just 11 weeks left to take advantage of the $8000 tax credit. TheStreet.com has a great article on this. Paste this link in your browser:

http://www.thestreet.com/story/10597989/1/home-buyers-race-against-tax-deadline.html?cm_ven=GOOGLEFI

London Bridge Days 2009

michellepepper — Tue, 15 Sep 2009 17:58:34 +0000

October 10 – Speedway 95 – Happy Birthday Havasu

October 11 – Shakespeare in the Park – Rotary Park 3:30pm

October 14 – YouthTalent Show – Aquatic Center

October 16 – Marine Corps Band Concert – Rotary Park 7:00pm

October 17 – Boyscouts Pancake Breakfast – Pima Wash 7:00am

October 17 – Daytona Fun Run – Main Street 9am

October 17 – The 34th Annual London Bridge Days Parade -Main Street 10am

October 17 – Soap Box Derby – Main Street Noon

October 17 – Fall Fun Fair – Rotary Park 3pm

October 17 – KJJJ Concert – London Bridge Beach 7pm

October 18 – Lions Club BBQ

October 18 – Praise Gathering – Under the Bridge 6pm

October 20 – Taste of Havasu – London Bridge Plaza 7pm

CRUSIN ON MAIN EVERY THURSDASY NITE

michellepepper — Tue, 15 Sep 2009 17:52:39 +0000

The fun starts at 5:00 p.m. Bring your classic car, street rod, motorcycle, sports car or rat rod down and visit main street. The busineses will be open late so go down shop, eat, drink, enjoy live entertainment and walk. They have trophy contest and more. So lets go to main street and give our support to the local business’ and have a little fun.

2009 1st Time Buyers Tax Credit

michellepepper — Tue, 15 Sep 2009 17:25:45 +0000

If you are looking for information on the First Time Home Buyers Tax Credit please visit this site http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0022
This is a direct link to the information provided by the National Association of REALTORS.